Kingsrose Mining : High-Grade PGE-Ni-Cu Results from Drill Core Resampling

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ASX Announcement

14 March 2022

KINGSROSE ANNOUNCES FURTHER HIGH-GRADEPGE-NICKEL-COPPER

RESULTS OF DRILL CORE RESAMPLING AT THE PENIKAT PROJECT, FINLAND

Kingsrose Mining Limited (ASX: KRM) ("Kingsrose" or the "Company") is pleased to announce the results of resampling from 19 historical drill holes. The resampling has verified historical drill intercepts and improved understanding of the controls on, and styles of, mineralisation at Penikat (Figure 1 and Tables 1 and 2).

Highlights

• Strong repeatability of historical high-grade intercepts, with significant nickel, copper and gold in addition to high PGE grades over 2 kilometres of the PV Reef:

1. 2.6 metres at 11.5 g/t PdEq (5.8 g/t Pd, 6.5 g/t Pt, 0.9 g/t Au, 0.3 % Cu, 0.3 % Ni) from 33.5 metres, SI/KI-63 (versus 2.2 metres at 10.0 g/t PdEq historically)

1. 1.6 metres at 10.3 g/t PdEq (3.7 g/t Pd, 8.0 g/t Pt, 1.4 g/t Au, 0.3 % Cu, 0.2 % Ni) from 9.9 metres, SI/KI-49 (versus 1.3 metres at 11.9 g/t PdEq historically), including

• 1.1 metres at 13.8 g/t PdEq (5.0 g/t Pd, 10.7 g/t Pt, 1.8 g/t Au, 0.4 % Cu, 0.2 % Ni)

• 1. 1.6 metres at 10.0 g/t PdEq (4.0 g/t Pd, 6.8 g/t Pt, 1.0 g/t Au, 0.6 % Cu, 0.2 % Ni) from 10.4 metres, SI/KI-51 (versus 1.6 metres at 11.4 g/t PdEq historically)
• Good repeatability and some thicker than historically reported intercepts on the SJ Reef:
• 1. 3.7 metres at 3.6 g/t PdEq (2.5 g/t Pd, 1.0 g/t Pt, 0.0 g/t Au, 0.0 % Cu, 0.2 % Ni) from 27.9 metres, SI/KI-100 (versus 1.6 metres at 4.15 g/t PdEq historically), including

• 0.5 metres at 8.5 g/t PdEq (6.2 g/t Pd, 2.5 g/t Pt, 0.1 g/t Au, 0.0 % Cu, 0.3 % Ni) from 29.9 metres

1. 6.9 metres at 1.8 g/t PdEq (1.1 g/t Pd, 0.7 g/t Pt, 0.1 g/t Au) from 31.4 metres, SI/KI-316 (versus 0.3 metres at 2.6 g/t PdEq historically), including
2. • 0.6 metres at 4.3 g/t PdEq (2.1 g/t Pd, 3.3 g/t Pd, 0.1 g/t Au, 0.0 % Cu, 0.1 % Ni)

• 1. 2.8 metres at 4.9 g/t PdEq (3.6 g/t Pd, 1.7 g/t Pt, 0.1 g/t Au, 0.0 % Cu, 0.1 % Ni) from 32.2 metres, SI/KI-109 (versus 2.8 metres at 7.2 g/t PdEq historically), including
  2. • 0.9 metres 10.6 g/t PdEq (7.9 g/t Pd, 4.1 g/t Pt, 0.2 g/t Au, 0.0 % Cu, 0.1 % Ni)
• Significant mineralised intercepts from historically unsampled drill core in three holes on the SJ Reef, which were historically reported as having no significant mineralisation.

Fabian Baker, Kingsrose Managing Director, commented "These results have consistently returned outstanding PGE grades along with significant nickel, copper and gold over good widths, and give us confidence in the accuracy of historical drill results.

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Our understanding of mineralisation in the SJ Reef has improved and has led to the identification of PGE mineralisation in historically unsampled drill core. The result is holes with wider than historically reported mineralisation, and three holes that were previously thought to be unmineralized which have now been confirmed to contain significant mineralisation.

We have the benefit of historical assay data from 95 drill holes and detailed surface sampling distributed along approximately 10 kilometres of the 25-kilometre mapped strike length of mineralised reefs on our ground. The combination of this data, and consistent nature of layered intrusion type deposits, gives Kingsrose great encouragement as to the large-scale potential of Penikat."

Resampling of Historical Core

Of 95 historical drill holes identified in archive data, to date Kingsrose has located a total of 28 drillholes which are archived by the Finnish Geological Survey (GTK) and Kingsrose has now accessed all the holes available from the GTK. The results of resampling nine drillholes which targeted the AP reef were previously announced by Kingsrose on 24 November 2021. This announcement includes an additional 307 samples of quarter and half cut core from 19 historical drill holes which targeted the SJ and PV reefs (Figure 1).

Results from Kingsrose's resampling confirm high-grade historical intercepts from the SJ and PV reefs, have shown wider than historically reported zones of mineralisation in the SJ Reef and identified zones of mineralisation in holes which were historically reported as containing no significant mineralised intercepts.

Other discrepancies between historic and resampling results can be attributed to lower analytical metal collection efficiency of historical assay methods, or natural variation in the distribution of sulphides or other PGMs.

Historical reports and data indicate that rhodium concentrations are anomalous in association with elevated palladium and platinum. Rhodium was not routinely assayed historically, therefore Kingsrose has submitted several intercepts reported herein for more detailed nickel sulphide collection fire assay to determine the concentration of other platinum group elements including rhodium, ruthenium, osmium and iridium. Results are pending.

SJ Reef

The SJ Reef has been mapped or intercepted in shallow historic drilling over a total strike length of 10 kilometres within Kingsrose's mineral tenure (Figures 1 and 2). Mineralisation is hosted by a 3 to >10 metre thick peridotite and pyroxenite layer, overlying gabbronorite at the transition between two major megacyclic units (III and IV) of the Penikat intrusion (Figures 2 and 3).

Historical sampling of the SJ Reef was focused on the lower contact zone between peridotite and gabbronorite. However, Kingsrose sampling of the entire pyroxenite-peridotite unit has shown the mineralisation occurs at different horizons within this unit. Furthermore, the mineralisation is rarely associated with visible sulphide minerals in the SJ Reef and therefore historical sampling was not always extended far enough into the hanging wall and footwall. As a result, the reef was not always completely sampled. Kingsrose's more comprehensive sampling has demonstrated extensions to the thickness of some historically defined intervals, as well as the discovery of mineralisation in holes previously recorded as having no significant mineralised intercepts (Table 1).

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PV Reef

The PV reef is located at the transition between megacyclic units IV and V (Figures 1 and 3) and has been mapped or intercepted by historical drilling over a cumulative strike length of 3.6 kilometres within Kingsrose's mineral tenure (Figure 1). The resampling has shown excellent repetition of high-grade platinum, palladium and gold with anomalous copper and nickel concentrations, associated with disseminated pyrrhotite-chalcopyrite. The PV reef is observed to be more gold rich than the AP and SJ reefs, with a closer ratio between platinum and palladium compared to the generally palladium dominant SJ and AP reefs.

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Yli

Penikka

Keski Penikka

Penikat

Kaltio

Penikat

Pooki

			Ala
		Penikka
	AP Reef
PV Reef			SJ	Reef

FIGURE 1: Penikat geology and historical drill collars with significant intercepts from Kingsrose resampling. Inset

shows detail of the southern part of the project area.

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FIGURE 2: Select significant intercepts from historic drilling and Kingsrose resampling of the SJ Reef within the

Keski Penikka block